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08/20/2018 Market Recap

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Cobra
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08/20/2018 Market Recap

Post by Cobra »

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Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/20/2018 Market Recap

Post by Cobra »

SUMMARY:

Expected a range day but it was up slowly over the assumed range high, although not by much and fell back into the range at the close. So it's an uptrend day but no harm treating it as a range day since I generally don't short range high, only buy near the range low.


NOTE:

Recognized the low of the day here right (viewtopic.php?f=2&t=3028&p=258225#p258225).

Looked very like a pullback was due here so almost called range high, gladly I decided to wait a bit. I generally don't short range high so calling range high right or wrong, doesn't matter much, so why not wait a bit?
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Here was just a subtle way saying, hey I told you, applause please (viewtopic.php?f=2&t=3028&p=258229#p258229)...

Didn't expect the market spent the whole day slowly up, so no comments till the close. It was not a good close. The daily was a doji, indicating a pullback is due as early as tomorrow.
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DISCLAIMER:

The trading log above is meant for myself only which main purpose is to help improving my market sense.
  • My blah blah about how the market would go in the next dozens of minutes everyday in this forum, is a way to force me to focus on the market, because by speaking loud, if the prediction is wrong, I'd be embarrassed, which of course I'd like to avoid as much as possible.
  • Day trading is not my strongest point. Just for the same pattern, it can repeat frequently on the 5 min chart while on daily chart it may take months to appear once and another month to know whether the idea of trading such a pattern is right or wrong THIS time, so practicing on the 5 min chart is a fastest way to learn to trade.
  • Day trading inevitably would have good days and bad days, it's a part of the game. If I always have good days, it means I'm either lying or already the richest person in the world (then why I'm still trading?), so please don't blame me for making any bad calls. The log is for myself only, not meant to be followed.

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